Techcrunch reports on a Wall Street analyst's recent analysis of Yahoo (YHOO).
Among the more painful realities:
Only a third of Yahoo's $21b valuation derives from US assets.
Yahoo's stock-based compensation, awarded to employees and managers with low morale or who foster poor morale, is generous even by the standards of generous compensators like Google or Facebook.
A picture of Yahoo emerges as a company that manages a stable asset, not one that forges new ground. Maybe an appropriate stance for a half-century-old media giant, but a sad fate for a company many of us not long ago still considered a "cool" Internet player.
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